What was the 1997–1998 financial crisis that began in Thailand and spread across East Asia called?

The 1997–1998 financial crisis that began in Thailand and spread across East Asia was called the Asian financial crisis.

Thailand’s government abandoned the baht’s fixed exchange-rate regime on July 2, 1997, after intense pressure on its foreign-exchange reserves. The baht then lost substantial value, making dollar-denominated debts much more expensive for Thai companies and banks.

Financial stress spread to Indonesia, South Korea, Malaysia, and other economies. Currency collapses, falling stock markets, corporate failures, and banking problems created deep recessions. International investors withdrew capital rapidly, contributing to a regional cycle of devaluation and financial contraction.

The International Monetary Fund arranged assistance programs for several affected countries, although the conditions attached to those programs remain debated. Hong Kong’s currency peg survived, but its stock market suffered a sharp decline. The crisis also contributed to Russia’s 1998 default, a separate event covered by its own historical label.